Overview of an Approve the Company’s Share Option Plan

What is an Approve the Company’s Share Option Plan?

Directors’ Resolution to Adopt Share Option Plan is a resolution to be passed by the directors of a company to approve the adoption of an employee share option plan.

There are two options when using a Directors’ Resolution to Adopt Share Option Plan:

  • if a meeting of the board of directors is convened to adopt the share option plan, use a Board Minutes to Adopt Share Option Plan; or
  • if the board resolution will be passed by way of a written resolution, use a Written Board Resolution to Adopt Share Option Plan.

Key points included

  • Details of the meeting (if using Board Minutes);
  • Date of passing the resolution;
  • Purpose of the share option plan;
  • Class of shares to be issued under the plan;
  • Eligible grantees;
  • Maximum number of shares issuable upon exercise of all options; and
  • Validity of the share option plan.

Notes on signing

  • The Board Minutes to Adopt Share Option Plan should be signed by the chairperson of the meeting.
  • The Written Board Resolution to Adopt Share Option Plan should be signed by all the directors. When you have completed answering the questions for this document, please add each director as a signer in the signer customisation panel by clicking “Add additional party”.

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